Stock market today: Nifty levels to watch; trading views on BEL, ITC & Kotak Mahindra Bank
An analyst from Anand Rathi said that ITC is currently consolidating between Rs 400-415, trading near Rs 408. The R3 Camarilla resistance aligns around Rs 415, making it a key level to watch.
- Mar 18, 2025,
- Updated Mar 18, 2025 7:39 AM IST
Indian benchmark indices kicked off the week on a positive note and settled higher Monday, thanks for buying in healthcare and financial counters. However, uncertainties related to trade tariffs may keep the traders on tenterhooks. BSE Sensex jumped 341.04 points, or 0.46 per cent, to end the session at 74,169.95. NSE's Nifty50 surged 111.55 points, or 0.50 per cent, to settle at 22,508.75 for the day.
Nifty formed a bullish candle on intraday charts. As long as the market is trading above 22,350/73,800, the bullish sentiment is likely to continue, said Shrikant Chouhan, Head Equity Research at Kotak Securities. "On the higher side, 22,600 would be the immediate resistance zone for the bulls. On the flip side, if the market falls below 22,350, the sentiment could change," he added.
Some buzzing pharma stocks including Kotak Mahindra Bank Ltd, ITC Ltd and Bharat Electronics Ltd (BEL) are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Technical Research Analyst at Anand Rathi Shares and Stock Brokers has to about these stocks ahead of Tuesday's trading session:
Kotak Bank is trading above the Ichimoku cloud on the monthly chart, reinforcing a strong long-term bullish trend. However, it remains below the R4 Camarilla yearly pivot, acting as resistance. Additionally, the future Ichimoku cloud is red, signalling potential caution. While the broader trend is positive, near-term pressure may persist. Given these technical factors, booking profits near Rs 2,000 is advisable, with a wait-and-watch approach until a monthly close above Rs 2,000 confirms further strength and sustains the uptrend.
Indian benchmark indices kicked off the week on a positive note and settled higher Monday, thanks for buying in healthcare and financial counters. However, uncertainties related to trade tariffs may keep the traders on tenterhooks. BSE Sensex jumped 341.04 points, or 0.46 per cent, to end the session at 74,169.95. NSE's Nifty50 surged 111.55 points, or 0.50 per cent, to settle at 22,508.75 for the day.
Nifty formed a bullish candle on intraday charts. As long as the market is trading above 22,350/73,800, the bullish sentiment is likely to continue, said Shrikant Chouhan, Head Equity Research at Kotak Securities. "On the higher side, 22,600 would be the immediate resistance zone for the bulls. On the flip side, if the market falls below 22,350, the sentiment could change," he added.
Some buzzing pharma stocks including Kotak Mahindra Bank Ltd, ITC Ltd and Bharat Electronics Ltd (BEL) are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Technical Research Analyst at Anand Rathi Shares and Stock Brokers has to about these stocks ahead of Tuesday's trading session:
Kotak Bank is trading above the Ichimoku cloud on the monthly chart, reinforcing a strong long-term bullish trend. However, it remains below the R4 Camarilla yearly pivot, acting as resistance. Additionally, the future Ichimoku cloud is red, signalling potential caution. While the broader trend is positive, near-term pressure may persist. Given these technical factors, booking profits near Rs 2,000 is advisable, with a wait-and-watch approach until a monthly close above Rs 2,000 confirms further strength and sustains the uptrend.